The ATO says tax agents may receive a letter in January or February 2013 if they have clients who, in their 2010 or 2011 income tax returns, had a total business income above $75,000 and are not registered for GST. The ATO is asking that tax agents work with these clients to review their business…
On 21 December 2012, the Government released for public consultation draft legislation relating to acquisitions and disposals of certain assets between self-managed superannuation funds (SMSFs) and related parties. The amendments are designed to implement the Government’s Stronger Super reforms relating to acquisitions and disposals of certain assets by SMSFs and related parties. The superannuation law is proposed…
The ATO on Fri 11.1.2013, registered Superannuation Data and Payment Standards 2012. The purpose of the Standard is to facilitate effective e-commerce as part of the SuperStream reforms in relation to core transactions such as contributions and rollovers across the superannuation industry. The Standard specifies the minimum requirements for dealing with payments and information relating…
The Government on Thur 17.1.2013, issued for comment draft amending regulations proposing to remove the member protection standards from the SIS regs. The Government said the changes will implement a recommendation of the Super System Review. It said that MySuper fees rules, which are to commence on 1 July 2013, will help protect members from unnecessary fees…
The Minister for Financial Services on Tue 29.1.2013 released a draft regulation to give effect to the Government’s 2012-13 MYEFO announcement to provide tax certainty to the beneficiaries of deceased estates. Investment earnings derived by super funds from assets supporting pensions are exempt from tax. A draft ruling issued by the ATO in 2011 [Draft…
The AAT has held that a taxpayer had underpaid superannuation in relation to delivery drivers it employed and remitted the matter back to the Commissioner for reassessment. The Commissioner had issued superannuation guarantee charge (SGC) assessments to the taxpayer following an audit. The assessments covered 5 quarters, commencing 1 April 2009 and concluding the quarter ending 30 June 2010.…
An employer contribution via a superannuation clearing account has resulted in a $69,665 excess superannuation contributions tax liability for a taxpayer, representing an effective tax rate of 93%. On 27 June 2008, the taxpayer’s employer paid a “top-up” superannuation contribution to a clearing account operated by a superannuation fund (Colonial First State). However, the employer contribution of…
The AAT has held that 5 company taxpayers were not carrying on an ‘enterprise’ and were therefore not entitled to input tax credit (ITC) claims for tax periods ranging from February 2005 to January 2009. It also affirmed the 75% penalty imposed with a 20% uplift for the relevant periods. The taxpayers were all owned by one or more…
The AAT has held that a taxpayer’s notice to the Commissioner of his entitlement to GST refunds for the periods 30 September 2005 to 31 December 2006 was lodged outside of the relevant 4-year period and therefore he was not entitled to the refunds claimed. The taxpayer carried on a retailing upholstery business. For the relevant periods, he lodged…
In a decision dated 29 June 2012 (but released by the AAT on 11 January 2013), the AAT has dismissed an appeal by taxpayers concerning the Commissioner’s decision regarding the date of GST deregistration of an entity operated by the taxpayers. The facts are the same as those in Yacoub v FCT [2012] FCA 678. The matter broadly concerned…